Investors who reacted to Citigroup's troubles by selling shares in local banks like Rizal Commercial Banking Corp., Metropolitan Bank and Trust Company and Banco De Oro Unibank Inc. were now buying back at bargain prices, traders said.

Ayala Corp., the country's largest conglomerate, rose 7.9 percent to 191 pesos. Its unit Bank of the Philippine Islands surged 9.3 percent to 41 pesos, and rival Metrobank was up 7.7 percent at 24.25 pesos.

Philippine Long Distance Telephone Co. was higher by 6.5 percent at 2,275 pesos, in line with the overnight advance of its American depository receipts in New York.